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Military Power Solutions Market Size, Trends And Report 2024-2033
Military Power Solutions Market Size
According to The Business Research Company's, The military power solutions market size has grown rapidly in recent years. It will grow from $8.59 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to operational readiness requirements, deployability and portability needs, energy efficiency initiatives, remote and harsh environment operations, logistical challenges mitigation..
The military power solutions market size is expected to see strong growth in the next few years. It will grow to $13.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to modernization and technological integration, renewable energy integration, electrification of military platforms, hybrid and smart power systems, resilience and redundancy requirements. Major trends in the forecast period include integration of energy storage systems, remote monitoring and control, cybersecurity measures, focus on energy efficiency.
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Market Drivers and Trends:
The increase in the defense budget is expected to propel the growth of the military power solutions market going forward. The defense budget is also called the expenditure on military activities and the amount of money allocated to the maintenance of an armed force or other defense methods. A defense budget includes the size of that entity's economy, additional financial pressures on that entity, and the government's or people's willingness to pay for such military activities. As a result, it helps the entity's capacity to support military training, which promotes military power solutions. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Solna-based public research institute, Russia boosted its military spending by 2.9% in 2021 to $65.9 billion in 2022, bolstering its soldiers near the Ukrainian border. This was Russia's third year of increase, with military expenditure reaching 4.1% of GDP in 2021. Therefore, an increase in the defense budget drives the military power solutions market.
Product innovation is the key trend gaining popularity in the military power solutions market. Major companies operating in the military power solutions market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2022, Advent Technologies, a US-based company that manufactures fuel cells and hydrogen clean-up devices for the military sector, launched the innovative and unique Honey Badger 50 (HB50), on-the-go soldier systems. This is used within an ambient temperature range of -20C to +55C and is applicable in soldier-worn configurations, operated inside a portable backpack and vehicle while charging batteries and powering soldier systems.
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Major Key Players of the Market:
Arotech Corporation; Concorde Battery Corporation; Cummins Inc.; Denchi Group; EaglePicher Technologies; EnerSys; Eniquest Pty Ltd.; Himoinsa S.L.; Raytheon Technologies Corporation; Saft Groupe S.A.; SFC Energy AG.; Energy Technologies Inc.; Schaefer Inc.; Gresham Power Electronics Limited; Advanced Conversion Technology; Inventus Power Inc.; Bren-Tronics Inc.; Ultralife Corporation; L3Harris Technologies Inc.; General Dynamics Corporation; Lockheed Martin Corporation; British Aerospace plc; Northrop Grumman Corporation; Safran SA; Thales Nederland B.V.; Elbit Systems Ltd.; Leonardo S.p.A.; Rheinmetall AG; Saab AB; Hanwha Defense; Mitsubishi Heavy Industries Ltd.; Kawasaki Heavy Industries Ltd.; Hyundai Rotem Company; Oshkosh Defense LLC; EaglePicher Technologies LLC
Military Power Solutions Market 2024 Key Insights:
• The military power solutions market will grow to $13.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Surge In Defense Budgets Propels Growth In The Military Power Solutions Market
• Product Innovation Drives Advancements In The Military Power Solutions Market
• North America was the largest region in the global military power solutions market in 2023
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